Networking with Mortgage Offices

[agentinsouth]

The gift cards have to be given based on just providing leads, not just on ones you sell. Then it is ok.

Well... It is ok on our side of the fence, however, several MB's and their companies think that gift cards are against RESPA. However, some don't care.
Just an fyi...

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Giving a $50 gift card is not something I can do. All it takes is one call to DOI and fines and possible losing a license. The mortgage broker may not rat you out but a competing agent would if they found out. Not worth the chance.. However here are some other ideas: 1. You could see if the owner or manager would get P&C licensed so you can give them a split of every referral. 2. If they are not going to be licensed you could structure a deal where you are paying them "rent" per month. For example, for every 10 polices I will pay 400 I rent for the month. This could get tricky but I know several agents that were successful in doing this.

Another just Fyi...RESPA will not let you pay rent to mortgage broker. You have to pay it in the form of dollars for marketing and they let you office w/ them.

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I market to ALOT of mortgage brokers, they are about 70% of my business. While there are some that purposefully do not follow the rules and there are others that just don't know the rules, the brokers who have the better credit customers with the nicer homes do know the rules and follow them. We have Insurance Commissioners and they fear RESPA. I highly recommend learning both sets of rules if you are going to market to mortgage brokers and realtors.

The best brokers don't want anything other than good rates with a fast response.